Activity 3:

Identify the accounting elements affected by the following transaction: Asset (A), Liabilities (L), Owner’s
Equity (EO), Income (I) and Expense (E). Write + for increase and – for decrease.

A L OE I E

JUNE 2 Dr. Thea Caro invested +1,000,000 +1,000,000

P1,000,000 in the
dental clinic. This was
Deposited on Union
Bank.

JUNE 3 Total payments for -650,000 -650,000

dental Equipment
amounted
P600,000 and
furnitures Amounted
to P50,000.

JUNE 4 Received from Rhea +7,000 +7,000

Cruz P7,000 cash fees
For dental services.

JUNE 5 On this day, serviced +5,000 +5,000

patient Jovita Tan.
Gave her bill for
P5,000. She promised
to pay on June 15.

JUNE 6 Received check from +4,000 +4,000

Patient Lily Go for
P4,000 for dental
service.

JUNE 15 Collected Jovita Tan -5,000

P5,000
+5,000

JUNE 18 Received P8,000 from +8,000 +8,000

Patients Ria and Gilda
Bello for dental service.

JUNE 20 Patient Irma Zulueta +30,000 +30,000

promised to pay
P30,000 before end of
the Month for
orthodontic Services

JUNE 29 Collected P30,000 from -30,000

Irma Zulueta. +30,000